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Steel major JSW is reportedly in talks to acquire a 20% stake in Australia’s Blackwater coal mine, with the purchase expected to cost $1 billion. Media reports say the deal is expected to close by the end of this financial year, despite the companies being undecided on a final valuation.
Reports in the Australian media value the operation — formerly owned by BHP Mitsubishi Alliance — at $2.5 billion. The current valuation is reportedly 78.1% of the total amount Whitehaven Coal paid for both the Blackwater and Daunia coal mines.
Whitehaven is looking to sell a 20% stake in the mine it acquired just a few months ago, amid a pay dispute with workers.
“Two parties – one from Japan and one from India – may be about to surface as buyers of a stake. While the identities are unknown, sources pointed to steel producer JSW Group of India or Nippon of Japan,” the Australian Mine Safety Journal reported.
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